Market Overview:
The smart hospitals market involves the adoption and integration of advanced technologies like IoT, AI, cloud computing and Big Data analytics in hospitals to provide enhanced patient care. This helps improve clinical outcomes, reduces medical errors and prevents unnecessary readmissions. Smart hospitals digitally capture, store and process data to gain useful insights that help optimize daily operations and workflows. The use of technologies allows automated workflows, remote patient monitoring and paperless record management. This improves operational efficiency, staff productivity and lowers costs for both hospitals and patients.
Market key trends:
One of the major trends in the smart hospitals market is the rising adoption of AI and machine learning solutions. AI aids in analyzing large medical datasets and utilizes advanced algorithms to support clinical decision making. It helps radiologists in medical imaging analysis and reduces diagnostic errors. Many hospitals are implementing AI virtual assistants that respond to patient queries and schedule appointments. The growing investment in digital healthcare is also driving the market as technologies help improve access, outcomes and lower costs. Furthermore, remote patient monitoring and telehealth are gaining prominence due to the ongoing pandemic which is expected to further fuel the demand for smart hospitals over the forecast period.
Porter’s Analysis
- Threat of new entrants: The smart hospitals market require huge investment in infrastructures and IT systems. This poses high entry barriers for new players.
- Bargaining power of buyers: The bargaining power of buyers is moderate as the market offers advanced healthcare services and systems. Patients have the options to choose from existing major players.
- Bargaining power of suppliers: Major technology companies supplying digital healthcare systems have lower bargaining power due to presence of numerous suppliers.
- Threat of new substitutes: Currently, there are no close substitutes for smart healthcare offerings. Hence, threat from substitutes is low.
- Competitive rivalry: Being a highly fragmented market, competition among existing players is high based on service offerings, security systems, prices etc.
Key Takeaways
- The global Smart Hospitals Market Demand is expected to witness high growth, exhibiting CAGR of 20% over the forecast period, due to increasing digitalization and adoption of advanced technologies in the healthcare sector.
- North America dominates the global market, with the highest share, owing to high adoption of healthcare IT solutions and presence of major players in the US. However, Asia Pacific is expected to exhibit the fastest growth rate during the forecast period, led by India and China.
- Key players operating in the smart hospitals market are Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, Stanley Healthcare, Siemens Healthineers AG, Athenahealth, Allscripts Healthcare Solutions, Inc., Microsoft Corporation, SAP SE, Samsung Healthcare, Honeywell International Inc., Qualcomm Technologies, Inc., Itrex Group, CitiusTech Inc., and TERSO SOLUTIONS, INC. Growing investments by these players for innovative digital healthcare offerings are strengthening their market position.
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Smart Hospitals Market: IntroductionAccording to the report, the global smart hospitals market was valued at US$ 22.43 Bn in 2019.
The global smart hospitals market is driven by a rise in the prevalence of various diseases, sudden outbreak of infectious diseases in year 2020, and technological advancements such as biotelemetry and block chain technology.
This, in turn, is also expected to boost the smart hospitals market during the forecast period.Request Brochure – https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=48588North America dominated the global smart hospitals market in 2019, followed by Europe and Asia Pacific.
North America’s dominance can be ascribed to technological advancements, adoption and development of smart healthcare models, robotic technology, privatization of hospitals, and investment by key players.Technological Advancements to Drive Global MarketTechnological advancements offer various technically advanced solutions, which further enhance services provided to patients.
The data is shared with the physician to track the physical development of patients.Various systems and software ease the implementation of smart hospitals concept and offer an opportunity to create new possibilities during clinical practise and management.
As per research, every year, the U.S. spends around 17% of its GDP on healthcare.
Research Nester has released a report titled “Asia Pacific Smart Hospitals Market: Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.The World Bank, in one of its statistics, stated that the current health expenditure (% of GDP) in India, China, Japan, Korea Republic, and Australia was 3.54%, 5.35%, 10.95%, 7.56%, and 9.28% respectively in the year 2018.The Asia Pacific region has witnessed a surge in government expenditure in the healthcare sector over the past few years.
Such factors are anticipated to drive the growth of the Asia Pacific smart hospitals market.Download Sample of This Strategic Report: https://www.researchnester.com/sample-request-3046The Asia Pacific smart hospitals market is anticipated to witness growth by a CAGR of 25.28% during the forecast period, i.e., 2020-2028, and further garner USD 61289.56 Million by 2028 from a revenue of USD 8244.18 Million in 2019.
The market is segmented by technology into artificial intelligence, wearable technology, blockchain, augmented reality, radio frequency identification (RFID), and others, out of which, the artificial intelligence segment is projected to hold the largest market share in the year 2021 and attain a revenue of USD 4041.69 Million in the year 2021.
The numerous benefits associated with the artificial intelligence technologies in a healthcare setting is one of the major factors anticipated to contribute to the growth of the segment during the forecast period.The smart hospitals market in China is projected to grow with a CAGR of 26.47% during the forecast period.
The market in the nation also held the largest market share of 50.7% in 2019, backed by the increasing rate of population and the need for improving the capacity of the healthcare service providers.
Moreover, numerous favorable initiatives of the government that focuses on the development of the healthcare infrastructure, is also anticipated to drive the market growth.“The Final Report will cover the impact analysis of COVID-19 on this industry.”Download/Request Sample Copy of Strategic Report: https://www.researchnester.com/sample-request-3046However, the challenge of dealing with smart technologies by the healthcare staffs owing to the lack of knowledge and information to operate these technologies is anticipated to act as a key restraint to the growth of the Asia Pacific smart hospitals market during the forecast period.This report also provides the existing competitive scenario of some of the key players of the Asia Pacific smart hospitals market, which includes company profiling of Siemens Aktiengesellschaft (ETR: SIE), Microsoft Corporation (NASDAQ: MSFT), athenahealth, Inc., Samsung (KRX: 005930), Cerner Corporation (NASDAQ: CERN), Koninklijke Philips N.V. (AMS: PHIA), Medtronic plc (NYSE: MDT), and others.The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments.
